Servicing Reserve definition
Examples of Servicing Reserve in a sentence
On each Determination Date, the Master Servicer shall deliver to the Agent, the VFC Certificateholders, the Trustee and the Rating Agency a Monthly Settlement Statement substantially in the form attached hereto as Exhibit E-1 setting forth, among other things, the Loss Reserve Ratio, the Dilution Reserve Ratio, the Carrying Cost Reserve Ratio and the Servicing Reserve Ratio, each as recalculated for the next succeeding Settlement Period.
On each Determination Date, the Master Servicer shall deliver to the Enhancement Provider, the Trustee and each Rating Agency a Monthly Settlement Statement substantially in the form attached hereto as Exhibit E-1 setting forth, among other things, the Loss Reserve Ratio, the Dilution Reserve Ratio, the Carrying Cost Reserve Ratio and the Servicing Reserve Ratio, each as recalculated for the next succeeding Settlement Period.
If a Successor Servicer that is not an Affiliate of the Seller is appointed, such Successor Servicer shall be entitled to receive, in addition to the Series 2002-1 Investor Monthly Service Fee, such additional servicing fee with respect to Series 2002-1 as may be agreed upon in writing between such Successor Servicer and the Trustee; provided that such additional compensation shall be payable solely from, and to the extent of, funds then on deposit in the Servicing Reserve Account.
On the Transfer Date, Owner shall fund the Servicing Reserve Account in an amount equal to the Servicing Reserve Target Amount.
The Servicer shall, from time to time, make withdrawals from the Servicing Reserve Account for any of the following purposes: (i) to make any Servicing Advances, (ii) to reimburse the Servicer for any Servicing Advances made thereby, (iii) to withdraw any amounts deposited into the Servicing Reserve Account in error; and (iv) following the Termination Date with respect to all the Mortgage Loans, to clear and terminate the Servicing Reserve Account.